N.J. Stat. tit. 52, ch. 18

N.J. Stat. tit. 52, ch. 18
in effect

N.J. Stat. § 52:18-4.1 Death, resignation, etc., of treasurer; account; delivery of funds to successor

If the state treasurer die, resign, be displaced, or cease to hold his office, then such treasurer, or, if he be dead, his heirs, executors, or administrators, shall fairly and regularly state the account, and deliver the moneys, securities, stock, property, instruments of writing, and books of the state in his or their possession, to the succeeding treasurer, who shall make report thereon to the legislature.

N.J. Stat. § 52:18-5 Duration of bond

The official bond of the state treasurer shall remain and continue in full force and effect against the treasurer and his surety until: a. The report of the succeeding treasurer made pursuant to section 52:18-4.1 of this title has been confirmed by the legislature; b. The treasurer or his surety procures and files in the office of the secretary of state, a certificate, duly executed by the committee to be appointed to settle and audit the accounts of the state treasurer, approved of by the legislature, stating that the accounts of the state treasurer are regularly stated and balanced and that the balance of moneys, evidences of public debt, securities and other effects, if any there be, are actually in the treasury or deposited in some bank as directed by law; c. The treasurer shall, if reappointed, give a new official bond duly executed and approved by the legislature and deposited in the office of the secretary of state. When the provisions of this section have been complied with, the bond shall be discharged and delivered to the treasurer or his heirs, executors or administrators. Nothing herein contained shall affect or impair the liability of the treasurer.

N.J. Stat. § 52:18-7.1 Designation of acting deputy when deputy State Treasurer ill or absent; powers and duties; oath; bond

Whenever the deputy State Treasurer shall be ill or absent from his office the State Treasurer is hereby authorized to designate one of his assistants to act as deputy State Treasurer, during the illness or absence of the latter official; and such person so designated shall have all the powers and perform all the duties cast by law upon the deputy State Treasurer. Such person so designated shall take the same oath of office and give the same official bond as is required of the deputy State Treasurer. L.1939, c. 29, p. 44, s. 1.

N.J. Stat. § 52:18-8 Bond and oath of deputy state treasurer

The deputy state treasurer shall take and subscribe an oath of like form and character as that required to be taken by the state treasurer and shall enter into bond with two or more sureties, to be approved by the governor, in the sum of fifty thousand dollars, payable to the state, conditioned for the faithful performance of his official duties. Such bond shall be filed in the office of the secretary of state.

N.J. Stat. § 52:18-10 Death, resignation or displacement of treasurer; account stated; delivery of property to successor

If the state treasurer shall die, resign, be displaced or cease to hold his office, he or if he be dead, his heirs, executors or administrators, shall fairly and regularly state the account and deliver the moneys, securities, stock, property, instruments of writing and books of the state in his or their possession to the succeeding treasurer, who shall make report thereon to the legislature.

N.J. Stat. § 52:18-10.1 Seal

The State Treasurer shall have a seal which shall contain the coat of arms of the State and further the words "State Treasurer New Jersey." Such seal shall be affixed to documents and other papers for which the seal shall be required. L.1945, c. 93, p. 434, s. 1.

N.J. Stat. § 52:18-11 General duties of treasurer

The state treasurer shall, in addition to the other duties imposed upon him by law: a. Receive and keep the moneys of the state, disburse the same according to law and take receipts for all moneys which he shall pay; b. Keep accounts of the receipts and expenditures of the public money and of the debts due to or from the state; c. Make reports and give information to either branch of the legislature, in person or in writing, as may be required, respecting all matters referred to him by either branch of the legislature, or which shall pertain to his office; and d. Perform all such services relative to finances as he shall be directed to perform.

N.J. Stat. § 52:18-11.1 Individual retirement annuities for state employees and their spouses; contract with insurance company

The State Treasurer may enter into a contract with an insurance company authorized to do business in this State to provide to its employees, on a group or individual basis, individual retirement annuities, as defined by section 408(b) of the Federal Internal Revenue Code of 1954 as amended (26 U.S.C. s. 408(b)). The contract shall provide for coverage under these annuities of any employee of the State and may provide for the establishment of annuities on behalf of the spouse of the employee. L.1983, c. 445, s. 5, eff. Jan. 9, 1984.

N.J. Stat. § 52:18-11.2 Long term care insurance plan for local contracting units.

1. a. The State Treasurer shall arrange for a long term care insurance plan for local contracting units subject to the provisions of the "Local Public Contracts Law," P.L.1971, c.198 (C.40A:11-1 et seq.), the "Public School Contracts Law," N.J.S.18A:18A-1 et seq., or the "County College Contracts Law," P.L.1982, c.189 (C.18A:64A-25.1 et seq.). The State Treasurer shall negotiate with and arrange for the purchase, on such terms as the State Treasurer deems to be in the best interests of the employees and retirees of the local contracting units, from carriers licensed to operate in the State, contracts providing long term care insurance and shall execute all documents pertaining thereto for and on behalf of local contracting units in the name of the State. The Treasurer shall not enter into a contract under this act, P.L.2005, c.198 (C.52:18-11.2 et al.), unless the benefits are provided through federally qualified long term care insurance as defined by the federal Internal Revenue Code in 26 U.S.C. s.7702B(b). b. A local contracting unit may elect to offer the long term care insurance plan to its employees and retirees by the adoption of a resolution by its governing body, which would include the name and title of a certifying agent. A certified copy of the resolution shall be filed with the Division of Pensions and Benefits in the Department of the Treasury. c. An employee or a retiree of a local contracting unit that has elected to offer the long term insurance plan may choose such insurance coverage and shall pay the entire cost of the long term care insurance. d. The certifying agent of each local contracting unit electing to offer the long term insurance plan shall submit to the Division of Pensions and Benefits such information with respect to each of its employees and retirees as may be required by the division in connection with the plan. The division shall have the power and authority to make such verification of the employment and other records of any electing local contracting unit as the division may deem necessary in connection with the plan. L.2005,c.198,s.1.

N.J. Stat. § 52:18-11.3 Written statement informing recipients.

4. The State Treasurer shall develop a written statement informing a recipient as specified in sections 1 through 3 of P.L.2005,c.210 (C.43:21-4.2, C.30:1-2.5, and C.52:27D-3.5), of the availability of the earned income tax credit under the provisions of section 32 of the federal Internal Revenue Code of 1986, 26 U.S.C. s.32, and the New Jersey earned income tax credit provided in section 2 of P.L.2000, c.80 (C.54A:4-7), for distribution pursuant to sections 1, 2 and 3 of P.L.2005,c.210 (C.43:21-4.2, C.30:1-2.5, and C.52:27D-3.5) and subsection b. of N.J.S.54A:7-2. L.2005,c.210,s.4.

N.J. Stat. § 52:18-13 Accounts stated and report to legislature

The state treasurer shall state in books the account of all moneys received by him for or in behalf of the state and which he shall pay pursuant to any act or resolution of the legislature, in such manner that the net produce of the whole revenue, as well as of every branch thereof, and the amount of disbursements in payment of the several demands, may distinctly appear. He shall, from time to time, lay before the legislature the same accounts and all other proceedings relative to his office.

N.J. Stat. § 52:18-14 Time for closing accounts

The state treasurer shall have his accounts ready for examination and settlement on the second Tuesday of July of every year. To that end, he may close his accounts for the year on the first day of July in every year.

N.J. Stat. § 52:18-15 Accounts examined by joint legislative committee; report; printing

The accounts of the state treasurer shall be examined immediately upon the close of the fiscal year, by a joint committee of the legislature, which committee shall report thereon to the next legislature. The usual number of printed copies of the report, for the use of the legislature, shall accompany the same. Such printing shall be executed by the current printer to the legislature of the year for which the report is made.

N.J. Stat. § 52:18-16 Annual balance sheet; contents

For the purpose of giving a correct and connected statement of the condition of the finances of the state, the state treasurer shall, as soon as his accounts are audited by the committee appointed for that purpose, submit annually to the legislature a balance sheet exhibiting: a. The general items of expenditures; b. The amount of receipts and from what sources they have been received; c. The indebtedness of the state, if any, and how and where, and the interest paid for moneys borrowed; d. The amount of bank tax; and e. The sum applicable to public schools, and how disposed of. Such balance sheet shall be countersigned by the auditing committee.

N.J. Stat. § 52:18-16.1 Deposit of public moneys; interest; auction; notice

The State Treasurer shall, except as otherwise provided, deposit to his credit as treasurer all public moneys coming into his hands, within 3 days after receiving the same, in such of the national banks located in this State, in institutions authorized by this State to carry on a banking or savings and loan business, and in the State of New Jersey Cash Management Fund established pursuant to section 1 of this amendatory and supplementary act as he may select, that will allow interest on all balances. In so doing, the treasurer shall from time to time, by public notice, offer at auction State deposits and invite tenders therefor subject to such terms and conditions as he may prescribe. All interest earned on deposits shall be credited to the State. When in the judgment of the State Treasurer it is not compatible with the working capital requirements of the State or with public safety to deposit public moneys or portion thereof, upon interest-bearing terms, as heretofore provided in this section, the State Treasurer may deposit the same without interest or open-time accounts with interest subject to withdrawal upon notice, conforming with Federal laws and regulations governing the same, in such of the national banks located in this State and institutions authorized by this State to carry on a banking or savings and loan business as he may select, until such a condition has, in his judgment, ceased to exist. In all cases where a deposit is made in a national bank located in this State or institution authorized by this State to carry on a banking or savings and loan business, pursuant to this section, the State Treasurer shall require from any such institution a deposit of bonds, notes, certificates of indebtedness or bills or other obligations of or guaranteed by the United States; or bonds or other obligations of or guaranteed by the State of New Jersey; or any other obligations now or hereafter authorized by law as security for public deposits; designed to secure any deposit made pursuant to this section; provided, that such requirement shall be deemed to be met if the Federal Reserve Bank of New York or the Federal Reserve Bank of Philadelphia or any other banking institution with total assets in excess of $300,000,000.00 located within the Second or Third Federal Reserve Districts and approved for such purpose by the State Treasurer certifies to the State Treasurer that, pursuant to authority given by the depository, it holds obligations, owned by the depository, of the kind and in the amount required by the State Treasurer to secure any such deposit. No bank shall be permitted to hold securities, of the kind hereinbefore described, as security for public moneys on deposit in the same bank. No State or national bank or savings and loan association in which the State Treasurer makes deposits of public moneys as above provided shall be required to secure such deposits as required by this section, to the extent that such deposits are insured by the Federal Deposit Insurance Corporation or by the Federal Savings and Loan Insurance Corporation or by any other Federal agency which insures deposits made in state or national banks or savings and loan associations. L.1956, c. 174, p. 671, s. 1. Amended by L.1958, c. 84, p. 524, s. 1, eff. June 25, 1958; L.1971, c. 391, s. 1, eff. Jan. 7, 1972; L.1972, c. 51, s. 1, eff. June 1, 1972; L.1977, c. 281, s. 3, eff. Nov. 2, 1977; L.1977, c. 339, s. 1, eff. Jan. 25, 1978.

N.J. Stat. § 52:18-19 Bank books of deposits and withdrawals; annual entry of credits and debits; balance struck

The state treasurer shall keep a bank book or books in which shall be entered his account of moneys deposited by him or to his credit as treasurer and the moneys drawn from the banks in which he shall have made deposits. There shall be entered and stated every year in such book or books, all his credits and debits up to the first day of the annual meeting of the legislature and the balance struck and certified by the cashier of the bank. Such book or books, properly balanced and settled, shall be exhibited on every settlement of his accounts, for examination and inspection.

N.J. Stat. § 52:18-20 Drawing on deposits; written authorization of treasurer and countersignature by comptroller

Except as provided by section 52:19-12 of this Title, State moneys deposited by the treasurer or to his credit, shall not be drawn upon except by written authorization by him or by his facsimile or machine impress signature as treasurer and countersigned by the State Comptroller or by his facsimile or machine impressed signature. Amended by L.1958, c. 86, p. 529, s. 1, eff. June 25, 1958; L.1978, c. 90, s. 1, eff. July 27, 1978.

N.J. Stat. § 52:18-20.1 Cancellation of State checks outstanding more than six years

The State Treasurer is hereby authorized and directed to cancel of record, and to refuse to honor, all checks issued by the State Treasurer which have not been presented for payment within six years from the date they were issued. L.1950, c. 60, p. 106, s. 1.

N.J. Stat. § 52:18-20.2 Credit to State Treasury of funds on deposit

All State funds held on deposit for the payment of such checks shall, upon cancellation of the record of the checks by the State Treasurer, be credited to the State treasury for general purposes. L.1950, c. 60, p. 106, s. 2.

N.J. Stat. § 52:18-21 Quarterly record of state funds on deposit; public record; notice of balance

The State Treasurer shall, within 30 days after the first day of every January, April, July and October, prepare a true and complete record showing the balance of State funds on deposit with each bank and banking institution and the rate of interest thereon, as of the first day of January, April, July and October, respectively. Such record shall be a public record, open to the inspection of citizens of this State, at all reasonable hours, on written application made in such form and subject to such reasonable rules and regulations as the State Treasurer may prescribe. The State Treasurer shall, within 30 days after the first day of every January and July, give notice of the balance of State funds on deposit with each bank and banking institution and the rate of interest thereon, as of the first day of January and July, respectively, by publication in at least 3 newspapers, each having a paid circulation of at least 25,000, published and circulating within the State. Amended by L.1956, c. 174, p. 672, s. 3, eff. Dec. 20, 1956.

N.J. Stat. § 52:18-24 Transfer of deposits to successor treasurer

Moneys deposited by the state treasurer, or to his credit and standing to his credit at the expiration of his office, shall be carried to the account of his successor in office. The banks in which such deposits are held, shall, upon the production to them of a certificate from the secretary of state of the appointment of such successor in office, transfer such accounts accordingly.

N.J. Stat. § 52:18-25 Loan of surplus money

The treasurer shall loan at the best legal rate of interest he can procure, on the pledge of the United States stock, at a rate not above its par value, as collateral security, any surplus money in the treasury not otherwise appropriated nor already authorized to be invested by the trustees of the school fund as the same shall from time to time accrue. He shall loan the same on such terms of credit as will enable him to receive such moneys again, in order to meet the demands of the treasury.

N.J. Stat. § 52:18-25.1 Temporary investments

In any case in which the State Treasurer holds moneys of the State under a requirement that said moneys be held for a particular time or be held for a particular use, he may invest such moneys in bonds or notes of the United States until such particular time has arrived or until such time as said moneys are required to be applied to the particular use. L.1944, c. 148, p. 417, s. 1.

N.J. Stat. § 52:18-25.2 Railroad deposits; moneys held for unpresented bonds; investment

The State Treasurer is hereby authorized to invest and reinvest the following moneys, now in the State treasury, in the notes or bonds of the United States of America, to wit: (a) Deposits of moneys by railroad companies for the construction of railroads, where the amount has remained unclaimed for more than twenty years. (b) Moneys held on account of unpresented and unpaid bonds and coupons of the State of New Jersey where the bonds and coupons have not been presented for payment for at least two years from due date. L.1947, c. 158, p. 709, s. 1.

N.J. Stat. § 52:18-25.3 Claims for railroad deposits; sale of securities when allowed

In the event that any claim for such railroad deposits shall be made and allowed, and in the event that any such bonds or coupons shall be presented for payment, the State Treasurer is hereby authorized and empowered to sell so much of the securities aforesaid as will enable him to make the necessary payment or payments. L.1947, c. 158, p. 710, s. 2.

N.J. Stat. § 52:18-25.4 Interest on investments

Interest earned on any such investments shall be paid into the General State Fund, but the State Treasurer shall first deduct therefrom any premium paid on account of notes or bonds purchased, as well as the necessary expenses incurred in administering this act. L.1947, c. 158, p. 710, s. 3.

N.J. Stat. § 52:18-26 Treasurer may borrow from funds in his custody; repayment; restriction

The state treasurer may borrow from any fund in his custody, deposited with him pursuant to law, a sum sufficient to pay the principal and interest on any state debt or other obligation due and owing, and repay the same out of the first taxes or other revenue received into the treasury and dedicated to the payment of such principal and interest. He shall not, however, borrow, appropriate or use any part of the fund for the support of free schools or money appropriated for that purpose or received into the treasury under the provisions of any law passed to augment such fund.

N.J. Stat. § 52:18-27 No money drawn from treasury unless explicitly appropriated

No money shall be drawn from the state treasury unless it has been explicitly appropriated to the purpose for which it was drawn.

N.J. Stat. § 52:18-28 Payments from treasury on warrant of comptroller; approval of bills

No moneys shall be drawn from the state treasury to pay salaries and expenses of state employees or to defray the expenses of a department, institution, commission, board, committee or official of this state, or for or on account of a contract for building or for repairs or supplies, except upon bills presented to the state comptroller, approved as follows: a. When a department, by the head thereof, or by a person designated by him. b. When an institution, by a majority of the board of managers or trustees thereof, or by a person designated for that purpose by the board of managers or trustees. c. When a board, commission or committee, by the president or chairman thereof or by a person designated by such board, commission or committee. d. When an official not subordinate to the head of a department, by such official personally.

N.J. Stat. § 52:18-29 Monthly payment of state moneys into treasury; disbursements; motor vehicle department

All moneys of the state collected or received by any state institution, board, commission, department, committee, agent or servant, from any source, shall except as otherwise provided by law be paid into the state treasury not later than the tenth day of the month following the month during which such moneys were collected or received, and shall not be disbursed therefrom unless specifically appropriated by the legislature in an annual or supplemental appropriation act; provided, that moneys collected or received by the department of motor vehicles during the month of December of any year shall be paid into the state treasury not later than the tenth day of February following such month in which the moneys were collected or received.

N.J. Stat. § 52:18-30 Exceptions to section 52:18-29

Nothing contained in section 52:18-29 of this title shall apply to or affect: a. The state school fund, or the income thereof; b. The disbursement of 1. The state school tax; 2. Moneys derived from the acts to tax real and personal property in the several municipalities for state road purposes; 3. The United States appropriation to the agricultural college; 4. The United States appropriation for disabled soldiers; 5. The United States appropriation for disabled soldiers, sailors, marines and their wives; 6. The agricultural college fund; 7. The taxes for the use of taxing districts in this state; 8. The moneys received by the state from the taxation of railroad and canal property, which may be by law apportioned to the various counties for school purposes; 9. Moneys received by commissioners of the Palisades Interstate park; 10. Moneys paid into the state treasury, which by direction of the executive or by statute is paid to any institution or department of this state, from the United States treasury by act of congress, or which may be retained by any board or commission in accordance with the provisions of section 45:1-3 of the title Professions and Occupations.

N.J. Stat. § 52:18-31 Moneys collected through board of fish and game commissioners

All moneys collected through the board of fish and game commissioners under any state fish and game law, shall be deposited in the state treasury as heretofore and remain there for the use and purposes of the fish and game commissioners but shall be included in the annual appropriation bill for disbursement under the supervision of the state's financial officers in the same manner as other appropriations.

N.J. Stat. § 52:18-32 Moneys received pursuant to motor vehicle laws

All moneys received pursuant to laws relating to motor vehicles shall be deposited in the state treasury as heretofore and held there for the purposes to which the same are devoted by law but shall be included in the annual appropriation for disbursement under the supervision of the state's financial officers in the same manner as other appropriations.

N.J. Stat. § 52:18-33 Moneys collected for support of boarding hall of normal schools

All moneys collected for the support of the boarding halls attached to the state normal schools shall be included in the annual appropriation bill and disbursed in the same manner as other appropriations included therein.

N.J. Stat. § 52:18-34 Receipt of moneys reported to comptroller for audit and registry

The state treasurer shall forthwith, upon the receipt of any interest or other moneys belonging to the state or to any fund in his custody, report the same to the comptroller for audit and registry before an acquittance or discharge is given therefor; and the same duty is imposed upon all public officers or other persons, who as agents for the state receive license fees or other moneys belonging to the state.

N.J. Stat. § 52:18-35 Deposit of United States bonds, received as security for deposits of moneys received from United States, in Federal Reserve Bank outside state

In all cases where the Treasurer of this State has received or shall receive bonds of the United States of America as security for moneys received from the Federal government and deposited by him in a bank or trust company of this State, then and in that event, upon the request of the Federal government, the State Treasurer is hereby authorized and empowered to deposit said securities in a Federal Reserve Bank located out of this State, the State Treasurer first taking a receipt for the securities so deposited. L.1942, c. 348, p. 1212, s. 1.

N.J. Stat. § 52:18-36 Collection of debt.

2. The Department of the Treasury shall have all the remedies and may take all of the proceedings for the collection of debt, as defined pursuant to section 1 of P.L.2005, c.124 (C.2A:16-11.1), which may be had or taken upon the recovery of a judgment in an action, but without prejudice to any right of appeal. Upon entry by the clerk of the certificate of debt in the record of docketed judgments in accordance with section 1 of P.L.2005, c.124 (C.2A:16-11.1), interest in the amount specified by the court rules for post-judgment interest shall accrue from the date of the docketing of the certificate of debt; however, payment of interest may be waived by the Treasurer or the Treasurer's designee. L.2005, c.124, s.2; amended 2008, c.24, s.2.

N.J. Stat. § 52:18-37 Fee for unpaid debts.

3. In the event that the debt remains unpaid following the issuance of the certificate of debt and the State takes any further collection action, including referral of the matter to the Attorney General or the Attorney General's designee, the fee imposed, in lieu of the actual cost of collection, may be 20 percent of debts of $1,000 or more. The Treasurer or his designee may establish a sliding scale, not to exceed a maximum amount of $200, for debt principal amounts of less than $1,000 at the time the certificate of debt is forwarded to the Superior Court for filing. L.2005,c.124,s.3.

N.J. Stat. § 52:18-38 Written notification to debtor of issuance of certificate of debt.

4. a. The Treasurer shall provide written notification to the debtor of the proposed issuance of the certificate of debt pursuant to section 1 of P.L.2005, c.124 (C.2A:16-11.1) at least 30 days prior to the proposed issuance. Such notice shall be mailed to the debtor's last known address. The notice shall advise the debtor that, if the debtor wishes to contest the validity of the underlying debt that is the subject of the certificate of debt, he may appeal the determination of underlying debt within 30 days of the mailing of the notice by filing an appeal with the State Treasurer. b. Filing of such appeal shall stay the issuance of the certificate of debt pending determination by the Office of Administrative Law in accordance with section 5 of P.L.2005, c.124 (C.52:14F-22). Upon exhaustion and determination of such appeal in favor of the State, the stay shall be lifted and the certificate of debt issued. L.2005,c.124,s.4.

N.J. Stat. § 52:18-39 Construction of act.

6. Nothing in this act shall be construed as depriving the State of any remedy for the enforcement of any State debt through any procedure or remedies provided in the law imposing such debt or in any other law, nor shall this act be construed as repealing or altering any such law or laws. L.2005,c.124,s.6.

N.J. Stat. § 52:18-40 Regulations, procedures to manage collection of debt; report of inventory of total debt.

3. a. The Department of the Treasury shall promulgate regulations and procedures to effectively manage the collection of debt. The regulations and procedures shall include: the designation of the Division of Revenue in the Department of the Treasury as State government's centralized debt management agency; and a requirement that a State agency in the executive branch that is unable, within 90 days of the recording of the delinquency, to collect such a debt owed to the agency, shall transfer the delinquent account no later than at the end of the 91st day following the recording of the debt to the Division of Revenue, which shall manage the delinquent account on behalf of the transferring agency and credit to the appropriate account of the transferring agency any debt collected. b. In order to assist the Division of Revenue in its centralized debt management responsibilities, the chief administrative officer of each State department or agency, or their designee, within 45 days following the conclusion of each fiscal year, shall provide to the Director of the Division of Revenue in a format as the director shall determine, a certified report of the inventory for the fiscal year of the total debt owed to the department or agency so recorded on the department's or agency's records, debt owed to and collected by the department or agency, debt owed but not collected within 90 days of recording of the delinquency, the amount of that delinquent debt not transferred to the division, and the amount of the debt determined to be owed to the department or agency during the last 90 days of the fiscal year. L.2008, c.24, s.3.

N.J. Stat. § 52:18-41 Report to Governor, Legislature.

4. The Director of the Division of Revenue in the Department of the Treasury shall, within 90 days following the conclusion of each fiscal year, report to the Governor and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), to the Legislature on the division's debt management in the concluded fiscal year. In the report the director shall present for each State department or agency for which the division manages debt the cumulative amount of outstanding receivable balances at the end of the concluded fiscal year, the amount of new receivables balances transferred to the division's custody in the concluded fiscal year, the amount of receivable balances collected by the division in the concluded fiscal year, and the amount of receivable balances written off as uncollectible in the concluded fiscal year. In addition, the director shall list every State department or agency of whose noncompliance with the provisions of section 3 of P.L.2008, c.24 (C.52:18-40) the director is cognizant. L.2008, c.24, s.4.

N.J. Stat. § 52:18-42 Definitions relative to public contracts with private entities.

1. As used in P.L.2009, c.136 (C.52:18-42 et seq.): "Business" means a corporation; sole proprietorship; partnership; corporation that has made an election under Subchapter S of Chapter One of Subtitle A of the Internal Revenue Code of 1986, or any other business entity through which income flows as a distributive share to its owners; limited liability company; nonprofit corporation; or any other form of business organization located either within or outside this State, but excluding any public or private institution of higher education. "Environmental infrastructure project" means the acquisition, construction, improvement, repair or reconstruction of all or part of any structure, facility or equipment, or real or personal property necessary for or ancillary to any (1) wastewater treatment system project, including any stormwater management or combined sewer overflow abatement projects; or (2) water supply project, as authorized pursuant to P.L.1985, c.334 (C.58:11B-1 et seq.) or P.L.1997, c.224 (C.58:11B-10.1 et al.), including any water resources project, as authorized pursuant to P.L.2003, c.162, but excluding the acquisition, construction, repair, or reconstruction of any building or other improvements to real property, or the acquisition or installation of any equipment or other personal property, that, upon completion, shall constitute a qualified employment incentive facility. "Financial assistance" means funds made available as a grant or loan, including funds derived as proceeds from the issuance of tax-exempt bonds by the entity providing such assistance, but excluding proceeds from the issuance of any bonds which are issued on a conduit basis or which are not supported by a full faith and credit pledge of a public entity. "Garden State Growth Zone" or "growth zone" means the four New Jersey cities with the lowest median family income based on the 2009 American Community Survey from the US Census, (Table 708. Household, Family, and Per Capita Income and Individuals, and Families Below Poverty Level by City: 2009). "Lead public agency" means the public entity designated by the State Treasurer pursuant to section 4 of P.L.2009, c.136 (C.52:18-45) to serve as the point of contact between a business and every State governmental entity having oversight of, or involvement in, a project for which the entity or entities are providing or will provide the business with financial assistance. "Public entity" means the State, other than the Judicial branch of State government, any county, municipality, district, or other political subdivision thereof, and any agency, authority, or instrumentality of the foregoing, including, but not limited to, any county improvement authority and any economic development agency, authority, or other entity. "Qualified employment incentive facility" means any building or other structure or portion of a building or other structure that, following the date on which occupation of the building or structure shall have commenced, shall be used exclusively as the premises of a project, related to the creation, relocation, or retention of jobs, that qualifies for incentives under the Business Retention and Relocation Assistance Grant Program established by section 3 of P.L.1996, c.25 (C.34:1B-114), the Business Employment Incentive Program established by section 3 of P.L.1996, c.26 (C.34:1B-126), the Grow New Jersey Assistance Program established by P.L.2011, c.149 (C.34:1B-242 et seq.), the Economic Redevelopment and Growth Grant program established by sections 3 though 18 of P.L.2009, c.90 (C.52:27D-489c et al.), sections 22 through 24 of the "New Jersey Economic Opportunity Act of 2013," P.L.2013, c.161 (C.52:27D-489q through C.52:27D-489s) allowing for the establishment of a Garden State Growth Zone, the corporation business tax credit and insurance premium tax credit certificate transfer program established pursuant to section 17 of P.L.2004, c.65 (C.34:1B-120.2), the sales and use tax exemption certificate program established pursuant to section 20 of P.L.2004, c.65 (C.34:1B-186), the exemption of retail sales of energy and utility service to qualified businesses within an urban enterprise zone from the sales and use tax pursuant to section 23 of P.L.2004, c.65 (C.52:27H-87.1), the urban transit hub tax credit program established pursuant to P.L.2007, c.346 (C.34:1B-207 et seq.), or any other program as the State Treasurer shall deem to be of similar kind and purpose; provided, however, that such exclusive use shall continue for the minimum period of time prescribed by the applicable law or any regulation adopted pursuant thereto, or under any project agreement or other contract executed pursuant to such law or regulation, or if no such minimum period shall be so prescribed, for a period of four years. "Redevelopment project" means a specific work or improvement, including lands, buildings, structures, improvements, real and personal property or any interest therein, including lands under water, riparian rights, space rights and air rights, acquired, owned, cleared, graded, developed or redeveloped, constructed, reconstructed, rehabilitated or improved, undertaken by a developer, but excluding the acquisition, construction, repair, or reconstruction of any building or other improvements to real property, or the acquisition or installation of any equipment or other personal property, that, upon completion, shall constitute a qualified employment incentive facility. "Remediation" or "remediate" means all necessary actions to investigate and clean up or respond to any known, suspected, or threatened discharge of contaminants, including, as necessary, the preliminary assessment, site investigation, remedial investigation, and remedial action, provided, however, that "remediation" or "remediate" shall not include the payment of compensation for damage to, or loss of, natural resources, and shall not include the acquisition, construction, repair, or reconstruction of any building or other improvements to real property, or the acquisition or installation of any equipment or other personal property, that, upon completion, shall constitute a qualified employment incentive facility. "State governmental entity" means the Executive and Legislative branches of the State government, any agency or instrumentality of the State, including any board, bureau, commission, corporation, department, or division, any independent State authority, including, but not limited to, any economic development authority or agency, and any State institution of higher education. A county, municipality, or school district, or any agency or instrumentality thereof, shall not be deemed a State governmental entity. L.2009, c.136, s.1; amended 2013, c.161, s.13.

N.J. Stat. § 52:18-43 Conditions for financial assistance from public entity.

2. Notwithstanding any law, rule, regulation, or order to the contrary, any business receiving any financial assistance for the cost of undertaking any redevelopment project, project involving remediation, or environmental infrastructure project pursuant to any contract with any public entity shall include in that contract, as a condition of the public entity's agreement thereto, provisions requiring that upon disbursement to the business, by or through that or any other public entity, of such financial assistance with respect to the project in an aggregate amount totaling $50 million or more: a. With respect to the cost of the entire project, the amount that the business shall spend of funds from sources other than a public entity shall be not less than a minimum of $1 for every $5 in financial assistance received from any public entity for expenditure on any project cited in the contract, except that this provision shall not apply if the financial assistance is provided pursuant to a statute, or subject to a rule or regulation, requiring that expenditure by the business of funds from sources other than a public entity on the project exceed one-fifth of the amount of financial assistance received from the public entity; b. The public entity shall retain a percentage, not exceeding 10 percent of the total amount of financial assistance provided for in the contract, which retainage amount shall not be disbursed to the business until the successful completion of the project as certified by the public entity. The requirements of this subsection shall not apply if the financial assistance is provided pursuant to a statute, or subject to a rule or regulation, requiring that the public entity shall retain or place into an escrow account more than 10 percent of the amount of that financial assistance for disbursement only upon completion of the project; c. The public entity shall review, at any time during the term of the contract, the qualifications of any subcontractor hired to perform work on the project or projects; and d. The business shall submit payment of a performance bond which shall be in an amount equal to 110 percent of the total price of the publicly funded improvements under the project and otherwise comply with all applicable State laws, including, but not limited to the business's submission of a surety disclosure statement and certification which complies with the requirements of N.J.S.2A:44-143, except that this provision shall not apply if the financial assistance is provided pursuant to a statute, or subject to a rule or regulation, requiring that the business obtain for the performance of work on the project a bond that shall amount to more than 110 percent of the total price of those publicly funded improvements. L.2009, c.136, s.2.

N.J. Stat. § 52:18-44 Filing of audited financial statements, reports.

3. a. Notwithstanding any law, rule, regulation, or order to the contrary, any business to which there is disbursed, by or through that or any other public entity, any financial assistance in an aggregate amount totaling $50 million or more, for the cost of undertaking any redevelopment project, project involving remediation, or environmental infrastructure project pursuant to one or more contracts with any public entity, shall file with the public entity and with the State Treasurer, not later than the 30th day following such disbursement, and annually thereafter for the duration of such contract or contracts, audited financial statements and reports concerning the activities of the project or projects and of such business, including any parent or holding company of the business, as prepared by an independent certified public accountant. Such financial statements shall include, but not be limited to, a balance sheet, statement of income or loss, and statement of changes in financial position. If the financial statements are not received by the public entity by the deadlines established hereinabove, the public entity shall increase the amount of the percentage of funds retained or placed into an escrow account in accordance with the provisions of subsection b. of section 2 of this act by: (1) five percent for any statement 120 or fewer days past the deadline; (2) ten percent for any statement more than 120 but less than 181 days past the deadline; and (3) 15 percent for any statement 181 or more days past the deadline. b. The provisions of this section shall not apply to any business that is required to file such financial statements under federal law or other State law. c. Each business reporting under this section shall disclose to the public entity on a rapid and current basis such additional information concerning material changes in the financial condition or operations of the business as the public entity determines is necessary or useful for the protection of the public interest. This information shall be expressed in plain English and, if the public entity so requires, shall include trend and qualitative information and graphic presentations. L.2009, c.136, s.3.

N.J. Stat. § 52:18-45 Notification to State Treasurer of contract, designation of lead public agency.

4. If any State governmental entity enters into a contract or contracts with a business to which the provisions of section 2 of this act apply, the State governmental entity shall notify the State Treasurer of such contract and shall include the name of the project, the nature of the project-related activity for which the financial assistance is to be given, and any other information necessary for the implementation of the provisions of this act. The State Treasurer shall monitor the notifications received pursuant to the provisions of this section with respect to each project and, when the aggregate amount of financial assistance disbursed to a business with respect to a project shall equal or exceed $50 million or at any other time the State Treasurer deems it necessary, shall designate the public entity that, as of the date of such designation, shall have disbursed the greatest amount of financial assistance to the business with respect to the project under those contracts, as the lead public agency to serve as the sole point of contact between the business and every State governmental entity having any manner or degree of oversight of or involvement in the project to which that contract or contracts relates. The lead public agency shall document all State governmental entity activities associated with the project. The lead public agency shall, upon designation, perform or cause to be performed an assessment of the degree of risk that the business will be financially unable to complete the project and, based upon the results of that assessment, require that, before further disbursements of funds from a public entity under any such contract in connection with the project, the business shall make an investment of its own funds in the project, which investment shall not be less than 10 percent of total project costs. L.2009, c.136, s.4.

N.J. Stat. § 52:18-46 Certification by business filing financial statement.

7. Each business filing a financial statement under section 3 of this act shall attach thereto a certification that: a. the business officer signing the financial statement has reviewed the statement; b. based on the officer's knowledge, the financial statement does not contain any untrue statement of a material fact or omit the statement of a material fact necessary in order to ensure that the statements made, in light of the circumstances under which such statements were made, were not misleading; c. based on such officer's knowledge, the financial statements, and other financial information included in the report, fairly present in all material respects the financial condition and results of operations of the business as of, and for, the periods presented in the report; and d. the signing officer: (1) is responsible for establishing and maintaining internal controls; (2) has designed such internal controls to ensure that material information relating to the business and its consolidated subsidiaries is made known to such business officers by others within those entities, particularly during the period in which the reports are being prepared; (3) has evaluated the effectiveness of the business' internal controls as of a date within 90 days prior to the financial statement; (4) has presented in the financial statement the officer's conclusions about the effectiveness of the business' internal controls based on the evaluation as of that date; (5) has disclosed to the business' auditors and the audit committee of the board of directors or those persons fulfilling the equivalent function: (a) all significant deficiencies in the design or operation of internal controls which could adversely affect the business' ability to record, process, summarize, and report financial data and have identified for the business' auditors any material weaknesses in internal controls; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the business' internal controls; and (6) has indicated in the financial statement whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. L.2009, c.136, s.7.

N.J. Stat. § 52:18-47 Duties of CPA relative to preparation of audit report.

8. For any audit report for which a financial statement shall have been filed under section 3 of this act, an independent certified public accountant shall: a. prepare, and retain for a period of not less than seven years, audit work papers, and other information related to the audit report, in sufficient detail to support the conclusions reached in the report; b. provide a concurring or second partner review and approval of the audit report and other related information, and concurring approval in its issuance, by a qualified person associated with the public accounting firm, other than the person in charge of the audit, or by an independent reviewer; c. describe in the audit report the scope of the auditor's testing of the internal control structure and procedures of the business, and present in such report or in a separate report: (1) the findings of the auditor from such testing; (2) an evaluation of whether such internal control structure and procedures: (a) include maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the business; (b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the business are being made only in accordance with authorizations of management and directors of the business; and (3) a description, at a minimum, of material weaknesses in such internal controls, and of any material noncompliance found on the basis of such testing; d. provide a statement to the public entity that, contemporaneously with the audit: (1) the auditor has not provided the business any non-audit service, including any bookkeeping or other services related to the accounting records or financial statements of the business; (2) the lead or coordinating audit partner having primary responsibility for the audit, or the audit partner responsible for reviewing the audit, has not performed audit services for that business in each of the five previous fiscal years of that business; (3) the auditor has provided a timely report to the audit committee of the business stating that: (a) all critical accounting policies and practices were used; (b) all alternative treatments of financial information within generally accepted accounting principles have been discussed with management officials of the business, the ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the registered public accounting firm; (c) other material written communications between the registered public accounting firm and the management of the business, such as any management letter or schedule of unadjusted differences, were reported to the business; and (d) concerning any audit service conducted under this section, whether a chief executive officer, controller, chief financial officer, chief accounting officer, or any person serving in an equivalent position for the business, was employed by that registered independent public accounting firm and participated in any capacity in the audit of that business during the one-year period preceding the date of the initiation of the audit; and e. present the financial information included in any such financial statement in a manner that: (1) does not contain an untrue statement of a material fact or omit a material fact necessary in order to make the pro forma financial information, in light of the circumstances under which it is presented, not misleading; and (2) reconciles it with the financial condition and results of operations of the business under generally accepted accounting principles. L.2009, c.136, s.8.

N.J. Stat. § 52:18-48 Internal control report.

9. a. Each audited financial statement prepared pursuant to the provisions of section 3 of this act shall contain an internal control report, which shall: (1) state the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; and (2) contain an assessment, as of the end of the most recent fiscal year of the business, of the effectiveness of the internal control structure and procedures of the business for financial reporting. b. With respect to the internal control assessment required by subsection a. of this section, each registered public accounting firm that prepares or issues the audit report for the business shall attest to, and report on, the assessment made by the management of the business. Any such attestation shall not be the subject of a separate engagement. L.2009, c.136, s.9.

N.J. Stat. § 52:18-49 Failure to adhere to requirements, refund of financial assistance.

10. a. Any business, receiving financial assistance from a public entity under a contract to which the provisions of section 2 of this act apply, that knowingly fails to submit a financial statement or report, or that makes a material misrepresentation in any application, report, or other disclosure, that the recipient business is required to make pursuant to this act shall refund the amount of financial assistance to the granting public entity or entities. The granting public entity or entities shall include provisions for the refund as part of an agreement to provide financial assistance and may pursue an action to collect the amount of the refund plus any attorney fees and other costs of the action. b. Whoever knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the investigation or proper administration of any matter within the jurisdiction of any public entity in relation to any provision of this act, shall be subject to the provisions of subsection a. of this section. L.2009, c.136, s.10.

N.J. Stat. § 52:18-50 Certain State entities prohibited from charging certain fees.

1. Notwithstanding any law, rule, or regulation to the contrary, a State department, agency, board, bureau, authority, office, or any other entity or instrumentality thereof, shall not impose a fee, fine, or penalty on any applicant who has completed and submits an application for a permit, certificate, or any other purpose, when that fee or penalty is imposed solely to correct clerical errors made by the applicant on the application. Nothing herein shall be construed to impair the State entity's ability to impose any fee, fine or penalty permitted by law or regulation on any applicant due to the applicant's provision of false, misleading, or fraudulent information on an application completed and submitted for a permit, certificate, or any other purpose. L.2013, c.258, s.1.

N.J. Stat. § 52:18-51 Definitions relative to certain economic development subsidies.

1. As used in P.L.2015, c.167 (C.52:18-51 et seq.): "Economic development subsidy" means the provision of an amount of funds to a recipient business by or from a State public body with a value of greater than $25,000 for the purpose of stimulating economic development in New Jersey, including, but not limited to, any bond, grant, loan, loan guarantee, matching fund, tax credit, or other tax expenditure. "Economic development subsidy" shall not mean any contract under which a State public body purchases or otherwise procures goods, services, or construction on an unsubsidized basis, including any contract solely for the construction or renovation of a facility owned by a State public body. "Recipient business" means any non-governmental person, association, for-profit or non-profit corporation, joint venture, limited liability company, partnership, sole proprietorship, or other form of business organization or entity either within or outside this State that receives an economic development subsidy. A "recipient business" shall not mean a public or private institution of higher education. "State public body" means the State of New Jersey or any agency, authority, board, commission, or instrumentality of the State. "State public body" shall not mean a political subdivision of the State or an agency, authority, board, commission, or instrumentality of a political subdivision of the State. "Tax expenditure" means the amount of foregone tax collections due to any abatement, reduction, exemption, credit, or transfer certificate against any State tax, including, but not limited to: taxes on raw materials, inventories, or other assets; taxes on gross receipts, income, or sales; and any use, excise, or utility tax. "Tax expenditure" shall not mean: any credit against any tax liability of an employee; any personal exemption, homestead rebate, credit, or deduction for the expenses of a household or individual; or other reduction of the tax liability of an individual or household. L.2015, c.167, s.1.

N.J. Stat. § 52:18-52 Conditions for award of subsidy.

2. A State public body shall not award an economic development subsidy to a recipient business that previously received an economic development subsidy that was a loan or loan guarantee if the recipient business is in default on that previously awarded loan or loan guarantee. L.2015, c.167, s.2.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026

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